GlenStar Properties LLC and USAA Real Estate Company have acquired the landmark Chicago Board of Trade Building for $151.5 million from CME Group. The two-building office complex, totaling 1.3 million sq. ft., is the global financial center for financial and commodity futures and options products.
“We are thrilled to have the opportunity to reposition and introduce this iconic property to the market. Together, we have a clear vision for leveraging the extraordinary technological infrastructure and redundancies of this telecommunications powerhouse,” Michael Klein, principal at GlenStar Properties, said in a statement. “We look forward to expanding the tenant base and attracting a wealth of new technology companies to this premier property.”
The GlenStar and USAA Real Estate Company partnership has also announced a long-term commitment to the building by its seller, CME Group, which entered into a long-term lease for 150,000 sq. ft., including the agricultural trading floor space as well as other office space in the buildings.
“This partnership pairs the strong property and leasing operations of GlenStar with USAA Real Estate Company capital,” Pat Duncan, chairman and CEO of USAA Real Estate Company, said in a statement. “Together we will preserve the tradition of the iconic Chicago Board of Trade Building while introducing to the market its unmatched infrastructure that can support the long-term needs of all business operations.”